Market News

Midday cash livestock markets

The action in feedlot country on Monday is limited to the distribution of this week’s showlists. Last week’s business started out somewhat lower than the previous week, but quickly fell much lower as the week progressed, creating a huge gap in price ranges. Southern trade ranged from 127.00 to 134.00. In the North dressed trade ranged from 200.00 to 217.00. As a result of last week’s very light trade some cattle are expected to be carried over into this week.

Boxed beef cutout values are significantly higher in the morning report. Choice beef is up 1.07 at 250.91, and select 222.42, up 262.

Oklahoma National Stockyards on Monday had receipts of 6500 cattle. There are not enough comparable trades for a test on all classes currently, but there is a lower undertone noted. The quality is mostly plain to average so far with moderate demand. Feeder steers medium and large 1 weighing 500 to 600 pounds ranging from 168.00 to 170.00 per hundredweight. 5 to 6 weight heifers from 168.00 to 171.00.

Feeder cattle receipts at the Ft. Pierre, SD Livestock Auction totaled 4972 head on Friday. Compared to two weeks ago, there were much lighter receipts. 7 to 750 weights were 10.00 to 13.00 lower, 800 to 1,000 pounds mostly 3.00 to 7.00 lower. Heifers were 4.00 to 10.00 lower. There was good to very good demand. Feeder steers medium and large 1 weighing 721 pounds brought 164.60 per hundredweight. 710 pound heifers traded at an average of 157.20.

Barrows and gilts in the Iowa/Minnesota direct trade are 1.47 higher, the West is up 1.63 with both at 86.71 weighted average on a carcass basis. Nationally the hog market is .67 higher at 85.30. Missouri direct base carcass meat price is up 4.00 at 74.00 Midwest hogs on a live basis are 2.00 to 8.00 higher from 54.00 to 60.00.

The pork carcass cutout value is down .41 at 95.22 FOB plant. Loins are over 5.00 lower.

Fears of expanding hog slaughter and pork tonnage in the fourth quarter and into 2018 will keep commercials on the defensive, geared to be on the lookout for rallies and seeing them as selling opportunities.